As the US stock market continues to rise after the election, the Dow Jones Industrial Average surged over 300 points on Monday, closing above 44,000 points for the first time, reaching a historical high.
The Dow rose 304 points that day to 44,293.69, a 0.69% increase. The S&P 500 index rose 0.1% to close at 6,001.35 points, breaking above 6,000 points for the first time, setting a new record. However, the Nasdaq Composite Index hovered near the flat line, rising 0.06% to 19,298.76 points.
JPMorgan and Goldman Sachs rose by 1% and 2.2% respectively, leading the Dow. The stock prices of Bank of America and Citigroup both rose by about 2%. Since Trump's win in the election last week, these stocks have risen significantly as investors anticipate a more lenient regulation of the banking industry if Trump returns to the White House. Elsewhere, the popular meme stock GameStop rose by 10%.
Tesla's stock price surged by over 9%, adding to its post-election gains. However, this is an exception among large tech stocks, as Apple's stock price fell by nearly 2%. Microsoft and Amazon's stock prices both dropped by about 1%. Small cap stocks rose, with the Russell 2000 index increasing by 1.47%.
Bitcoin surged above $0.087 million, also boosted by hopes of relaxed regulations. Crypto-related stocks Coinbase and Mara Holdings rose by 20% and 30% respectively.
Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management, wrote in a report on Monday: 'The decisive victory of the Republican Party has ignited the 'animal spirit', even though expectations were already high.'